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Knowledge and the valuation of public goods and experiential commodities: information provision and acquisition

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  • Clem Tisdell

Abstract

Provides empirical evidence of deficient knowledge of public goods and experiential commodities. It considers whether information provision about the characteristics of these commodities is likely to result in individuals' finding their 'true' preferences, and identifies the nature of information that should be conveyed to enable commodities to be appropriately valued. It recognises that some commodities contain attributes that individuals are unable to evaluate. Furthermore, individuals acquire and filter information about commodities, and these endogenous activities require analysis. Cost-benefit analysis of information acquisition suggests that individuals are less likely to acquire information about public goods than private goods. Even when underlying meta-values of commodities are stationary, perceived values of commodities may vary due to elicitation procedures and information provision, and subsequent crowding out and forgetting of information about the focal commodities. This makes it difficult to determine the appropriate contingent values to use.

Suggested Citation

  • Clem Tisdell, 2007. "Knowledge and the valuation of public goods and experiential commodities: information provision and acquisition," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 9(2/3), pages 170-182.
  • Handle: RePEc:ids:gbusec:v:9:y:2007:i:2/3:p:170-182
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    1. Tisdell, Clement A., 2001. "The Political Economy of Globalisation: Processes involving the Role of Markets, Institutions and Governance," Economic Theory, Applications and Issues Working Papers 90507, University of Queensland, School of Economics.
    2. Tisdell, Clement A. & Alauddin, Mohammad, 2002. "Market-Oriented Reforms in Bangladesh and their Impact on Poverty?," Economic Theory, Applications and Issues Working Papers 90521, University of Queensland, School of Economics.
    3. Tisdell, Clement A., 2001. "Globalisation, the Environment and Sustainability: EKC, Neo-Malthusian Concerns and the WTO," Economic Theory, Applications and Issues Working Papers 90502, University of Queensland, School of Economics.
    4. Tisdell, Clem & Seidl, Irmi, 2004. "Niches and economic competition: implications for economic efficiency, growth and diversity," Structural Change and Economic Dynamics, Elsevier, vol. 15(2), pages 119-135, June.
    5. Tisdell, Clement A. & Svizzero, Serge, 2003. "Globalization, Social Welfare and Labor Market Inequalities," Economic Theory, Applications and Issues Working Papers 90525, University of Queensland, School of Economics.
    6. Tisdell, Clement A., 2006. "Economic and Business Relations Between Australia and China: An Overview and an Assessment," Economic Theory, Applications and Issues Working Papers 90543, University of Queensland, School of Economics.
    7. Darrian Collins & Clem Tisdell, 2004. "Outbound Business Travel Depends on Business Returns: Australian Evidence," Australian Economic Papers, Wiley Blackwell, vol. 43(2), pages 192-207, June.
    8. Serge Svizzero & Clem Tisdell, 2002. "Reconciling globalisation and technological change: Growing income inequalities and remedial policies," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 37(3), pages 162-171, May.
    9. Tisdell, Clement A., 2002. "Economics and Tourism Development: Structural Features of Tourism and Economic Influences on its Vulnerability," Economic Theory, Applications and Issues Working Papers 90522, University of Queensland, School of Economics.
    10. Tisdell, Clement A., 2004. "Economics of Business Learning: The Need for Broader Perspectives in Managerial Economics," Economic Theory, Applications and Issues Working Papers 90532, University of Queensland, School of Economics.
    11. Tisdell, Clement A., 2005. "Globalisation and the Economic Future of Small Isolated Nations Particularly in the Pacific," Economic Theory, Applications and Issues Working Papers 90541, University of Queensland, School of Economics.
    12. Tisdell, Clement A. & Svizzero, Serge, 2001. "Globalization, Social Welfare, Labor Markets and Fiscal Competition," Economic Theory, Applications and Issues Working Papers 90503, University of Queensland, School of Economics.
    13. Tisdell, Clement A., 2001. "Competition and Evolution in Economics and Ecology Compared," Economic Theory, Applications and Issues Working Papers 90506, University of Queensland, School of Economics.
    14. Tisdell, Clement A., 2005. "Business Partnerships in a Globalising World: Economic Considerations," Economic Theory, Applications and Issues Working Papers 90542, University of Queensland, School of Economics.
    15. Tisdell, Clement A., 2004. "Transaction Costs and Bounded Rationality - Implications for Public Administration and Economic Policy," Economic Theory, Applications and Issues Working Papers 90531, University of Queensland, School of Economics.
    16. Tisdell, Clement A., 2003. "The Efficient Public Provision of Commodities: Transaction Cost, Bounded Rationality and Other Considerations," Economic Theory, Applications and Issues Working Papers 90524, University of Queensland, School of Economics.
    17. Bandara, Ranjith & Tisdell, Clement A., 2004. "Changing Abundance of Elephants and Willingness to Pay for their Conservation," Economic Theory, Applications and Issues Working Papers 90538, University of Queensland, School of Economics.
    18. Tisdell, Clement A., 2005. "An Overview and Assessment of The Economics of Leisure," Economic Theory, Applications and Issues Working Papers 90540, University of Queensland, School of Economics.
    19. Tisdell, Clement A., 2004. "Tourism Development as a Dimension of Globalisation: Experiences and Policies of China and Australia," Economic Theory, Applications and Issues Working Papers 90535, University of Queensland, School of Economics.
    20. Gao, Zhicun & Tisdell, Clement A., 2004. "Television Production: Its Changing Global Location, the Product Cycle and China," Economic Theory, Applications and Issues Working Papers 90530, University of Queensland, School of Economics.
    21. Tisdell, Clement A., 2001. "Externalities, Thresholds and the Marketing of New Aquacultural Products: Theory and Examples," Economic Theory, Applications and Issues Working Papers 90468, University of Queensland, School of Economics.
    22. Tisdell, Clement A., 2002. "Tourism as a Contributor to the Economic Diversification and Development of Small States: Its Strengths, Weaknesses and Potential for Brunei," Economic Theory, Applications and Issues Working Papers 90514, University of Queensland, School of Economics.
    23. Tisdell, Clement A., 2004. "Can Globalisation Result in Less Efficient and More Vulnerable Industries?," Economic Theory, Applications and Issues Working Papers 90536, University of Queensland, School of Economics.
    24. Tisdell, Clement A., 2005. "Economic Globalisation: The Process and its Potential, Social, Economic and Environmental Impacts," Economic Theory, Applications and Issues Working Papers 90539, University of Queensland, School of Economics.
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